12/21/05 Funds help wheat again

Marketline December 21, 2005 Wheat futures were higher again Tuesday. The market found support from concerns about dryness in the southern Plains and short covering by commodity funds. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says it's a bit of a holiday mood with trader numbers down and volume down. Chiodo: "And the commercials just seem to be doing just what is necessary in terms of hedging and nothing dynamic. We are technically driven at the moment and it is spurred mostly by fund buying." Egyptian wheat buyers are quoted as saying that Black Sea imports would continue to be a feature amid competitive prices and speedier deliveries than other global wheat sellers. Egyptian officials also noted that the quality of Russian wheat was suitable for the Egyptian market. On Tuesday March Chicago wheat was up 4 3/4 cents at 3-28. March corn up a penny at 2-09 3/4. Portland cash white wheat steady to a penny higher at mostly 3-45. Club wheat 3-93. PNW HRW 11.5 percent protein higher at 4-63. Dark northern spring 14% protein higher at 5-10. No barley bids. There were several more new contract highs in cattle futures Tuesday. Expectations of higher cash fed cattle this week along with rising boxed beef values provided support. Feb live cattle up 47 cents at 97-28. Jan feeders up 47 at 115-05. Jan Class III milk down a nickel at 13-48. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Note!!!! USDA issued 2006 County Loan rates for wheat. http://www.fsa.usda.gov/dafp/psd/LoanRate.htm